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TWN
Info Service on WTO and Trade Issues (May26/10) Geneva, 18 May (D. Ravi Kanth) -- A spokesperson for China's Ministry of Commerce on 16 May stated that the economic and trade teams of China and the United States have reached preliminary agreements to promote the expansion of two-way trade, including potential purchases by China of US farm products such as soybeans. Although US President Donald Trump described his 14-15 May visit to Beijing as "historic," no formal agreements emerged from the trip - only unsubstantiated claims that China would buy large quantities of soybeans and some 200 Boeing aircraft. The only clear indication of a trade and economic agreement came from the Chinese side. According to the Chinese Commerce Ministry spokesperson, the two countries' trade teams have achieved preliminary outcomes, including agreeing to promote the expansion of two-way trade - including in agricultural products - through measures such as mutual tariff reductions on certain products. USTR'S STATEMENT On 17 May, the United States Trade Representative (USTR), Ambassador Jamieson Greer, reportedly said that the two countries agreed to establish a "Board of Trade" to manage economic relations. Speaking to CBS, an American TV channel, Ambassador Greer maintained: "We're looking to discuss things like sales of agricultural goods to China, energy goods, Boeing civilian aircraft, and medical devices." He further elaborated that "when we talk about the kinds of things we want to be importing from China, there are several things, there can be consumer goods, maybe low-tech items, and so we look at those types of areas where we should be trading." "On the investment side," the USTR said, "the Board of Investment is really about discussing key issues in US-China investment policy. It's not really an investment program, but it's to try to almost be like a firefighter and put out issues when they arise between the two countries." Apparently, China also agreed to reduce a host of non-tariff barriers on agricultural products, such as beef and poultry, Ambassador Greer said. He signalled that the United States can slap higher tariffs on China at any time if necessary. While China remained silent on the purchase of Boeing aircraft, Ambassador Greer indicated that China agreed to buy 200 such aircraft. He said Washington expects China to commit to "double-digit billions" in annual purchases of US farm goods after the summit. The summit also appears to have produced modest progress on rare earths, the USTR said. CHINA'S ASSESSMENT Apparently responding to a question about the discussions on economic and trade issues during the meetings of the two leaders, the Chinese Commerce Ministry spokesperson noted that on 13 May, the Chinese and US economic and trade teams held consultations in South Korea to prepare the groundwork for the meeting on economic and trade issues between the two heads of state. It appears that during the candid and intensive consultations, the two sides reached important consensus on the specific content of the outcomes and achieved positive consensus on several preliminary results in the economic and trade fields. These outcomes include: First, the two sides will continue to implement the results of previous consultations and have reached positive consensus on relevant tariff arrangements. Second, the two sides agreed to establish a Trade Council and an Investment Council to discuss each side's respective concerns in the areas of trade and investment, the spokesperson said. Through the Trade Council, the two sides will discuss issues including tariff reductions on relevant products, and have agreed in principle to reduce tariffs on products of equal scale that each side is concerned about. Third, the two sides will resolve or substantially advance the resolution of certain non-tariff barriers and market access issues related to some agricultural products. The US will also actively work to address longstanding Chinese concerns, including automatic detention measures targeting Chinese dairy and aquatic products, exports of media-grown bonsai to the US, and recognition of avian influenza-free zones in East China's Shandong Province. China, for its part, will actively advance solutions to US concerns regarding beef facility registration and poultry exports from certain US states to China. Fourth, the two sides also agreed to promote the expansion of two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on products within a certain scope. Fifth, the two sides reached relevant arrangements regarding China's procurement of aircraft from the US, as well as US guarantees for the supply of aircraft engines and related components to China. They further agreed to continue advancing cooperation in related fields. According to China's Global Times, the spokesperson emphasized that the positive outcomes achieved in the China-US economic and trade consultations demonstrate that by upholding the spirit of mutual respect, equality, and mutual benefit, the two sides are capable of finding solutions to problems through dialogue and cooperation. The spokesperson added that the two sides are currently still consulting on details related to the outcomes. According to the Global Times, the Chinese and US economic and trade teams will follow the direction of the consensus set by the two heads of state, move quickly to finalize the outcomes, and jointly ensure their implementation - injecting greater certainty and stability into the next stage of China-US economic and trade cooperation and the global economy. +
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